Translation
Notice: This document is an excerpt translation of the original Japanese document and is only for reference purposes. In the event of any
discrepancy between this translated document and the original Japanese document, the latter shall prevail.

Consolidated Financial Results
for the Fiscal Year Ended March 31, 2023
(Under Japanese GAAP)May 12, 2023

Company name:
EIZO Corporation
Stock exchange listing: Tokyo
Stock code:
Representative:

6737
President

URL

https://www.eizo.co.jp/

Inquiries:

Director, Executive Operating Officer, andSenior Manager, Accounting & Finance, &Yoshitaka JitsumoriManabu Arise

Investor Relations
Scheduled date of ordinary general meeting of shareholders:June 22, 2023

Scheduled date to file Securities Report:
Scheduled date to commence dividend payments:

June 19, 2023
June 2, 2023

Preparation of supplementary material on financial results:
Holding of financial results meeting:

Yes
Yes

TEL

076-275-4121(for institutional investors and analysts)(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the year ended March 31, 2023 (from April 1, 2022 to March 31, 2023)(1) Consolidated operating results

Year ended March 31, 2023
Year ended March 31, 2022
(Note) Comprehensive income

Percentages indicate year-on-year changes
Profit attributable toNet sales
Operating profit
Ordinary profit
owners of parent
Millions of yen% Millions of yen% Millions of yen% Millions of yen%
80,849(6.8)
5,002(55.7)
6,126 (49.4)
5,862(24.8)
86,78913.4
11,29942.4
12,110
37.4
7,794
26.6
For the year ended March 31, 2023: ¥7,336 million [ 9.7 %]For the year ended March 31, 2022: ¥6,688 million [ (67.9) %]Profit attributable toOrdinary profit/total Operating profit/net
owners ofassets
salesparent/equityYen
Yen%%%
Year ended March 31, 2023
280.97
–
4.9
3.9
6.2
Year ended March 31, 2022
365.61
–
6.7
7.9
13.0
(Reference) Share of profit (loss) of investments accounted for using equity method For the year ended March 31, 2023: ¥－million
For the year ended March 31, 2022: ¥－million
Earnings per share

Diluted earnings pershare(2) Consolidated financial position
Total assets

Net assets

Millions of yen
As of March 31, 2023
155,935As of March 31, 2022
155,459(Reference) Equity
As of March 31, 2023: ¥120,580 million
As of March 31, 2022: ¥118,582 million(3) Consolidated cash flows

Year ended March 31, 2023
Year ended March 31, 2022

Cash flows fromoperating activities
Millions of yen(7,592)
8,429

Millions of yen
120,580
118,582

Cash flows frominvesting activities
Millions of yen
853(2,394)1

Equity ratio

Net assets per share%
77.3
76.3

Yen
5,861.22
5,562.01

Cash flows from
Cash and cash equivalents
financing activities
at end of period
Millions of yenMillions of yen(6,351)9,557(2,899)22,387

2. Cash dividends
Annual dividends per share
1st quarter-end 2nd quarter-end 3rd quarter-end Fiscal year-end

Year ended March 31, 2022
Year ended March 31, 2023
Year ending March 31, 2024
(Forecast)

Total

Total cash
dividends (Total)

Dividend payout
ratio(Consolidated)

Ratio of dividends
to net assets(Consolidated)

Yen

Yen

Yen

Yen

Yen

Millions of yen

%%

––

60.00
60.00

––

60.00
65.00

120.00125.00

2,558
2,583

32.8
44.5

2.2
2.2

–

100.00–100.00

200.0068.6

3. Forecast of consolidated financial results for the year ending March 31, 2024 (from April 1, 2023 to March 31, 2024)
Net sales
Full year

Millions of yen
89,000Percentages indicate year-on-year changes
Profit attributable toOperating profit
Ordinary profit
Earnings per shareowners of parent% Millions of yen% Millions of yen% Millions of yen
%Yen
10.1
7,500
49.9
8,600
40.4
6,000
2.4
291.65

4. Notes(1) Changes in significant subsidiaries during the year ended March 31, 2023
(changes in specified subsidiaries resulting in the change in scope of consolidation):No(2) Changes in accounting policies, changes in accounting estimates, and restatement of prior period financial statements
Changes in accounting policies due to revisions to accounting standards and other regulations:No
Changes in accounting policies due to other reasons:
Changes in accounting estimates:

No
No

Restatement of prior period financial statements:

No(3) Number of issued shares (common shares)
Total number of issued shares at the end of the period (including treasury shares)
As of March 31, 2023

21,981,160 shares As of March 31, 2022

22,731,160 shares

Number of treasury shares at the end of the period
As of March 31, 2023

1,408,606 shares As of March 31, 2022

1,411,088 shares

20,864,228 shares Year ended March 31, 2022

21,320,143 shares

Average number of shares during the period
Year ended March 31, 2023

(Reference) Overview of non-consolidated financial results
Non-consolidated financial results for the year ended March 31, 2023 (from April 1, 2022 to March 31, 2023)(1) Non-consolidated operating results
Net salesYear ended March 31, 2023
Year ended March 31, 2022

Operating profit

Millions of yen
61,42763,439% Millions of yen
(3.2)
3,808
10.6
9,231

Earnings per share
As of March 31, 2023
As of March 31, 2022

Yen
253.86230.06Percentages indicate year-on-year changes
Ordinary profit
Profit% Millions of yen(58.7)
5,022
36.4
10,060% Millions of yen(50.1)
5,296
27.2
4,904

%8.0(13.7)

Diluted Earnings pershare
Yen－－(2) Non-consolidated financial position
Total assets

Net assets

Millions of yen
As of March 31, 2023
132,766
As of March 31, 2022
134,575(Reference) Equity
As of March 31, 2023: ¥101,308 million
As of March 31, 2022: ¥101,307 million

Millions of yen
101,308
101,3072

Equity ratio

Net assets per share%
76.3
75.3

Yen
4,924.47
4,751.74

*Financial results reports are exempt from review conducted by certified public accountants or an audit corporation.
*Proper use of earnings forecasts, and other special matters(Notice concerning forward-looking statements)
The forward-looking statements, including earnings forecasts, contained in these materials are based on information currently available to theCompany and on certain assumptions deemed to be reasonable. As such, they do not constitute the Company’s guarantee that such results would
be achieved. Actual business and other results may differ substantially due to various factors.
(Explanatory material for financial results)
Explanatory material for financial results is disclosed through TDnet as well as posted on the Company’s website on May 12, 2023.

3

Consolidated financial statements
Consolidated balance sheets

As of March 31, 2022
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade, and contract
assetsElectronically recorded monetary claims operating
Securities
Merchandise and finished goods
Work in process
Raw materials and supplies
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures
Accumulated depreciation
Buildings and structures, net
Machinery, equipment and vehicles
Accumulated depreciation
Machinery, equipment and vehicles, net
LandConstruction in progress
Other
Accumulated depreciation
Other, net
Total property, plant and equipment
Intangible assets
Investments and other assets
Investment securities
Deferred tax assetsOther
Total investments and other assets
Total non-current assets
Total assets

4(Millions of yen)
As of March 31, 2023

13,887

9,557

23,03518,980

1,778

1,680

8,799
10,0381,730
19,9801,362(102)80,510–17,5382,191
28,2891,765(100)
79,90422,366(10,775)
11,5906,648(5,017)
1,631
4,326
90
10,326(7,791)
2,534
20,173841

24,082(11,228)
12,853
7,197(5,539)
1,657
4,409
4
11,252(8,189)3,062
21,988748

52,824659
449
53,93374,948155,45952,190
633
470
53,29476,031
155,935

As of March 31, 2022
Liabilities
Current liabilities
Accounts payable - trade
Short-term borrowings
Income taxes payable
Provision for bonuses
Provision for product warranties
Other
Total current liabilities
Non-current liabilities
Long-term borrowings
Deferred tax liabilities
Provision for retirement benefits for directors (andother officers)
Provision for recycling
Retirement benefit liability
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders' equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders' equity
Accumulated other comprehensive income
Valuation difference on available-for-salesecurities
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Total net assets
Total liabilities and net assets

5(Millions of yen)
As of March 31, 2023

7,522
2,050
2,398
1,696
2,177
4,880
20,726

6,897
1,575
1,074
1,686
2,031
6,452
19,717

1,025
9,809

947
9,666

71

71

634
3,014
1,594
16,15036,876

580
2,598
1,774
15,63835,355

4,425
4,313
82,039(2,664)
88,1144,425
4,313
83,896(3,998)88,63828,801

28,8511,440
22630,467
118,582
155,4592,599
491
31,942
120,580
155,935

Consolidated statements of income and consolidated statements of comprehensive income
Consolidated statements of income(Millions of yen)
Fiscal year ended
Fiscal year ended
March 31, 2022
March 31, 2023
Net sales
86,78980,849
Cost of sales
55,92955,605Gross profit
30,85925,243
Selling, general and administrative expenses
19,56020,241
Operating profit
11,2995,002Non-operating income
Interest income
1313
Dividend income
919
1,085
Other
110
214
Total non-operating income
1,044
1,313
Non-operating expenses
Interest expenses
2141
Foreign exchange losses
202
103
Rental expenses on real estate
–
40
Other
83
Total non-operating expenses
232
189
Ordinary profit
12,1106,126
Extraordinary income
Gain on sale of investment securities
419
1,943
Total extraordinary income
419
1,943
Extraordinary losses
Loss on sale of investment securities–
5
Impairment losses
1,243–
Total extraordinary losses
1,243
5Profit before income taxes
11,286
8,064
Income taxes - current
3,722
2,331
Income taxes - deferred(230)(130)
Total income taxes
3,491
2,201
Profit7,794
5,862
Profit attributable to owners of parent
7,794
5,862

6

Consolidated statements of comprehensive income

ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners ofparentComprehensive income attributable to noncontrolling interests

7

Fiscal year ended
March 31, 2022
7,794(Millions of yen)
Fiscal year ended
March 31, 2023
5,862

(2,607)
1,396
104(1,106)
6,688

49
1,159
264
1,474
7,336

6,688

7,336

–

–

Consolidated statements of changes in equity
Fiscal year ended March 31, 2022
(Millions of yen)
Shareholders' equity
Share capital
Balance at beginning of period

Capital surplus

4,425

Retained earnings

4,313

76,802

Total shareholders'equity

Treasury shares(2,663)82,878Changes during period
Dividends of surplus(2,558)(2,558)

Profit attributable to owners ofparent

7,794

7,794

Purchase of treasury shares

(0)

(0)

Net changes in items otherthan shareholders' equity
Total changes during period
Balance at end of period

––

5,236

(0)

5,235

4,425

4,313

82,039(2,664)

88,114

Accumulated other comprehensive income
Valuation difference on
Foreign currency
available-for-saletranslation adjustment
securities
Balance at beginning of period

31,409Remeasurements ofdefined benefit plans

Total accumulated
other comprehensive
income121

31,57443

Total net assets

114,453

Changes during period
Dividends of surplus(2,558)

Profit attributable to owners ofparent

7,794

Purchase of treasury shares
Net changes in items otherthan shareholders' equity(0)(2,607)

1,396

104

(1,106)(1,106)

Total changes during period(2,607)

1,396

104

(1,106)

4,129

Balance at end of period

28,8011,440

22630,467

118,5828

Fiscal year ended March 31, 2023
(Millions of yen)
Shareholders' equity
Share capital
Balance at beginning of period

Capital surplus

4,425

Retained earnings

4,313

82,039Total shareholders'equityTreasury shares(2,664)

88,114

Changes during period
Dividends of surplus(2,525)(2,525)

Profit attributable to owners ofparent

5,862

5,862

Purchase of treasury shares
Cancellation
sharesoftreasury

Disposal of treasury shares
Transferfromretainedearnings to capital surplus(2,821)(2,821)(1,482)

1,482

–

35

9

1,478

(1,478)

––

(0)

1,857

(1,333)

523

4,425

4,313

83,896(3,998)88,638Net changes in items otherthan shareholders' equity
Total changes during period
Balance at end of period

Accumulated other comprehensive income
Valuation difference on
Foreign currency
available-for-saletranslation adjustment
securities
Balance at beginning of period

28,801Remeasurements ofdefined benefit plans

Total accumulated
other comprehensive
income226

30,467

1,440

Total net assets

118,582

Changes during period
Dividends of surplus(2,525)

Profit attributable to owners ofparent

5,862

Purchase of treasury shares(2,821)

Cancellation
sharesoftreasury–

Disposal of treasury shares

9Transferfrom
retainedearnings to capital surplus–Net changes in items otherthan shareholders' equity
Total changes during period
Balance at end of period

49

1,159

264

1,474

1,474

49

1,159

264

1,474

1,997

28,851

2,599

491

31,942

120,5809Consolidated statements of cash flows(Millions of yen)
Fiscal year ended
March 31, 2023

Fiscal year ended
March 31, 2022

Cash flows from operating activities
Profit before income taxes
Depreciation
Amortization of goodwill
Impairment losses
Loss (gain) on sale of investment securities
Increase (decrease) in provision for bonuses
Increase (decrease) in retirement benefit liability
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in provision for productwarranties
Increase (decrease) in Provision for recycling
Interest and dividend income
Interest expenses
Foreign exchange losses (gains)
Decrease (increase) in trade receivables
Decrease (increase) in inventories
Increase (decrease) in trade payables
Other, net
SubtotalInterest and dividends received
Interest paid
Income taxes paid
Net cash provided by (used in) operating activities
Cash flows from investing activities
Proceeds from sale and redemption of securities
Purchase of property, plant and equipment
Increase in other assets
Purchase of investment securities
Proceeds from sale and redemption of investment
securities
Proceeds from collection of loans receivable
Other, net
Net cash provided by (used in) investing activities
Cash flows from financing activities
Net increase (decrease) in short-term borrowings
Repayments of long-term borrowings
Repayments of lease liabilities
Purchase of treasury shares
Dividends paid
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cashequivalentsNet increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period

10

11,286
2,233
378
1,243
(419)
9(95)
26

8,064
2,316
––
(1,938)
(11)
(187)
(6)

264

(199)

(34)
(933)
21
(156)
(4,933)341
946
578
10,758933(20)(3,241)8,429(54)(1,098)
41
(198)
4,566
(15,243)(1,052)(56)(5,057)
1,098(43)(3,589)(7,592)1,000(2,768)
(503)
(901)

300
(1,962)
(183)
(2)

666

2,653

3676(2,394)

2026
853

–
(130)
(209)
(0)
(2,558)(2,899)

(629)
(140)
(234)
(2,821)(2,525)(6,351)

368

259

3,505
18,882
22,387(12,830)
22,387
9,557